Noted short-selling firm Citron Research called red-hot stock Beyond Meat’s valuation “Beyond Stupid” in a Tweet Friday.
But shares, which set an all-time high this week of $96.60 after recently being priced at just $25 for its IPO, pared losses shortly after the tweet came out.
Beyond Meat (NASDAQ:BYND) was down about 6% around the time of the tweet and was down 5.13% at 2:14 p.m. ET (21:15 GMT)
Beyond Meat is the most heavily stock traded on Robinhood and now has a market cap bigger than its industry, Citron said.
It also has a “superior competitor” eventually going public in Impossible Foods, Citron added.
Citron said it expects the stock to retreat to $65 on earnings.
